SUNSTONE(SH:603612) Zheng Quan Ri Bao Wang·2025-10-31 12:48Core Insights - The leading company in the prebaked anode industry, Suotong Development Co., Ltd., reported significant growth in its Q3 2025 financial results, with a revenue of 12.762 billion yuan, a year-on-year increase of 28.66%, and a net profit of 654 million yuan, up 201.81% [1] - The domestic electrolytic aluminum production capacity is nearing 45 million tons, creating a tight supply-demand balance, which has positively impacted the pricing of prebaked anodes [1] Financial Performance - For the first three quarters, the company achieved a net cash flow from operating activities of 324 million yuan, reflecting a substantial increase of 1241.51% year-on-year [1] - The company's net profit excluding non-recurring items reached 642 million yuan, marking a remarkable growth of 373.83% compared to the previous year [1] Market Dynamics - The market price of prebaked anodes in East China has risen to 6,500 yuan per ton, representing a 24.05% increase since the beginning of the year, driven by the recovery in global manufacturing and rising demand for electrolytic aluminum [1] Strategic Developments - Suotong Development is enhancing its prebaked anode production capacity and has announced a joint venture with Huayang New Materials Technology Group to establish a production facility and waste heat power generation project [2] - The company has initiated a joint venture with Jili Baikuang Group for a 600,000-ton prebaked anode project, which is expected to contribute positively to its performance [2] Supply Chain Initiatives - The company is working on creating a new collaborative supply chain model in the aluminum carbon industry by forming strategic partnerships with upstream petroleum coke suppliers to ensure quality and supply stability [2] International Expansion - Suotong Development is accelerating its internationalization efforts, becoming a key supplier for Hebei Huatong Cable Group's overseas electrolytic aluminum projects and engaging in discussions for projects in Finland and Indonesia [3] - The company is also advancing its first overseas prebaked anode project in partnership with Emirates Global Aluminium (EGA), aiming to finalize the cooperation agreement by the end of this year [3] Technological Advancements - The company is focusing on the development of solid-state battery materials, collaborating with institutions like Beijing Institute of Technology and Guoxuan High-Tech to enhance its research and development in silicon-carbon anode materials [3]